President Joe Biden’s re-election campaign has initiated outreach to the cryptocurrency industry, seeking guidance on crypto community engagement and policy development. This outreach, which began two weeks ago, represents a notable shift from Biden’s previously cautious stance towards the crypto sector.
The campaign’s engagement comes as Biden’s team increasingly recognizes the potential impact of cryptocurrency issues on the closely contested presidential race. The re-election team has contacted several crypto experts, including some industry figures previously rebuffed by Biden, aiming to integrate their insights into the campaign’s strategy.
This outreach follows recent opposition from crypto advocates to the Biden administration’s intention to veto the repeal of SAB 121, a controversial bill criticized for potentially deterring financial institutions from offering crypto custody services.
Additionally, the engagement comes in the wake of former President Donald Trump’s campaign announcement on May 21 that it would accept cryptocurrency donations. Trump has also made recent pro-crypto and anti-CBDC remarks, marking a significant departure from his 2021 stance labeling cryptocurrencies as “very dangerous.”
A source within Trump’s inner circle, connected to the crypto industry, noted, “They have very smart and capable people advising on that front, and you’ve seen some of the results of that and will see more in the coming months.”
While many in the crypto sector have welcomed the Biden campaign’s overtures, some remain skeptical, viewing the engagement as “too little, too late.”
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